- Amitabh-Aish at the opening of Kalyan JewellersYamaha launches 125cc bike SalutoChennai defeats Mumbai in IPLI'm ready Salman, says this B-Wood actressMeet Pooja who messed with SonakshiReview: Mr X a heavy-handed action fantasySexy Sunny's Leela going well on Box OfficeAditi Rao Hydari shows her loveAmyra Dastur, Emraan Hashmi's girl in Mr XList of Kim Kardashian's hot looks
The Auditor-General of Pakistan is set to carry out an audit of the national hockey federa
Landlord's PAN must for tax benefit if rent exceeds Rs 1 lakh Last Updated : 18 Dec 2013 03:33:41 PM IST Quoting PAN number of landlord is must if the annual house rent exceeds Rs 1 lakh (File Photo)
Quoting landlord's PAN is mandatory if you pay more than Rs 1 lakh annually towards house rent.
If the PAN is not furnished then it would not be possible to claim tax benefit under House Rent Allowance.
"...an employee claiming exemption from tax with respect to House Rent Allowance received is now required to report the PAN of the landlord to the employer, if the rent paid by the employee to the landlord exceeds Rs 1 lakh per annum, along with the rent receipt," said Minister of Sate for Finance J D Seelam in a written statement in the Rajya Sabha on Tuesday, Dec 17.
He quoted a circular by the Central Board of Direct Taxes (CBDT) on the matter of deduction of tax at source during the payment of salaries.
"In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employees," he added.
In a separate response, Seelam said the number of tax assesses have increased manifold. In the past 15 years, the number of effective IT assesses has increased by more than three times from 1.16 crore as on March 1997 to 3.63 crore at the end of March 2012.
He also said 42,800 persons other than companies admitted to a taxable income exceeding Rs 1 crore.
"The Cabinet has approved the cadre restructuring of the Income Tax Department in May 2013. The implementation of the same is under progress," he said.
Additional 1,080 assessment units to be manned by around 20,000 more personnel have been created to meet the increasing number of IT assesses, he said.
Post Your Comment (0 posted):
Cult Bollywood classic "Sholay", starring megastar Amitabh Bachchan and Dharmendra, hit th
- Salman in Kashmir for 'Bajrangi Bhaijaan'
- 'Batman v Superman' trailer released
- Judgement on Salman on Aprl 20th
- Asian Award for Shahrukh Khan
- PICS:Amitabh-Aish at the launch of Kalyan Jewellers
- I'm ready Salman, says this B-Wood actress
- Meet Pooja who messed with Sonakshi
- Review: Mr X a heavy-handed action fantasy
A research was done on people from Wasington and the result shows that the smell of sweat
Lenovo on Friday launched a slightly more powerful smartphone, the Lenovo A6000 Plus, pric